First Interstate BancSystem Inc.'s chairman of the board, James Scott, along with director Randall Scott and related investment vehicles have lowered their voting stake to 55.3% in the Billings, Mont.-based company.

The investor group now has 16,476,980 shares in aggregate, comprising of 131,310 class A common shares and 16,345,670 class B common shares, according to an ownership filing.

The investor group's previous filing in February 2017, disclosed beneficial ownership of the voting stake as 59.6%, or 16,553,569 shares in aggregate. The investor group had 117,542 class A common shares and 16,436,027 class B common shares.

The beneficially owned class A common shares now make up an aggregate 33.0% stake, down from the previous 43.5%. The aggregate stake in terms of beneficially owned class B common shares increased to 71.4% from the previous 70.5%.

The class B common stock, if not listed on any market or exchange, can be converted to class A common stock on a share-for-share basis, according to the filing.

James Scott, on Nov. 9, 2017, received 246 class B common shares valued at $37.55 per share in an in-kind distribution from a charitable remainder unitrust.

Sales of 10,000 and 6,175 class A common shares were made by the investor group at $39.40 per share and $40.46 per share, respectively, in an open market transaction. A total of 16,905 class B common shares were converted into class A common shares. The investor group disposed a total of 30,679 class B common shares between Nov. 10 and Dec. 8.